Civic Intelligence

Kosciusko Remc

990 • Fiscal year 2022 • EIN 35-0449575

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 02, 2023

Organization ProfileKREMC.COM
370 South 250 EastWarsaw, IN 46582

(574) 267-6331

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

29th percentile

0.46x

Higher debt load relative to assets than 29% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

35th percentile

1.18x

Higher debt load relative to revenue than 35% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Net Margin

75th percentile

3.3%

Higher net margin than 75% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

26th percentile

$297,691

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Asset Growth

97th percentile

27%

Faster asset growth than 97% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

19th percentile

2.4%

Faster revenue growth than 19% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets29th percentile

Assets

Up

$131,199,906

Up $27,992,347 (+27%) from 2021

Net Assets

Up

$70,580,577

Up $1,753,247 (+2.5%) from 2021

Liabilities

Up

$60,619,329

Up $26,239,100 (+76%) from 2021

Revenue And Expenses
Liabilities / Revenue35th percentileNet Margin75th percentile

Revenue

Up

$51,459,225

Up $1,202,669 (+2.4%) from 2021

Expenses

Up

$49,742,337

Up $3,283,478 (+7.1%) from 2021

Net Income

Down

$1,716,888

Down $2,080,809 (-55%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth97th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2020: $86,086,968Liabilities 2020: $21,059,453Net Assets 2020: $65,027,5152020Assets 2021: $103,207,559Liabilities 2021: $34,380,229Net Assets 2021: $68,827,3302021Assets 2022: $131,199,906Liabilities 2022: $60,619,329Net Assets 2022: $70,580,5772022Assets 2023: $142,564,480Liabilities 2023: $69,917,911Net Assets 2023: $72,646,5692023Assets 2024: $147,384,924Liabilities 2024: $70,377,386Net Assets 2024: $77,007,5382024

Highlighted filing

2022

Assets$131,199,906
Liabilities$60,619,329
Net Assets$70,580,577
Open 2022 Filing

Operations Trend

Revenue Growth19th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Revenue 2020: $49,567,753Expenses 2020: $45,426,034Net Income 2020: $4,141,7192020Revenue 2021: $50,256,556Expenses 2021: $46,458,859Net Income 2021: $3,797,6972021Revenue 2022: $51,459,225Expenses 2022: $49,742,337Net Income 2022: $1,716,8882022Revenue 2023: $55,044,876Expenses 2023: $52,978,267Net Income 2023: $2,066,6092023Revenue 2024: $58,691,291Expenses 2024: $54,319,994Net Income 2024: $4,371,2972024

Highlighted filing

2022

Revenue$51,459,225
Expenses$49,742,337
Net Income$1,716,888
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 2, 2023
Return Version
2022v5.0
Gross Receipts
$51,459,225
Mission and Program Overview

Mission

TO PROVIDE ELECTRICITY

To provide electricity to its member/customers

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$78,717,944$104,301,729▲ $25,583,785
Rtn Earn Endowment Incm Other Fnds$68,383,806$70,137,053▲ $1,753,247
Investments Other Securities$15,974,546$15,449,823▼ $524,723
Accounts Receivable$7,435,202$10,628,775▲ $3,193,573
Inventories for Sale or Use$745,932$576,689▼ $169,243
Pd in Cap Srpls Land Bldg Eqp Fund$443,524$443,524→ $0
Prepaid Expenses and Deferred Charges$332,287$226,137▼ $106,150
Cash and Non-Interest-Bearing Accounts$1,648$16,753▲ $15,105
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$103,207,559$131,199,906▲ $27,992,347
Liabilities
Mortgage Notes Payable Secured by Investment Property$28,042,241$54,513,843▲ $26,471,602
Accounts Payable and Accrued Expenses$6,319,530$6,092,442▼ $227,088
Other Liabilities$18,458$13,044▼ $5,414
Total Liabilities$34,380,229$60,619,329▲ $26,239,100
Net Assets / Fund Balance
Total Net Assets Fund Balance$68,827,330$70,580,577▲ $1,753,247
Total Liabilities and Net Assets / Fund Balance$103,207,559$131,199,906▲ $27,992,347

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$81,669,850$19,787,168$101,457,018
Buildings$22,152,365$8,787,180$30,939,545
Land$479,514-$479,514
Other Securities$-1,704,596--
Compensation and Service Providers
Top Officer Pay26th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kurt CarverPresident & CEOFT$234,808$62,883$297,691
Jeff MooreVP of Engineering & OperationsFT$130,669$128,436$259,105
Curt BarkeyVP of Technology & BroadbandFT$128,323$59,408$187,731
Tim LandriganCFOFT$126,240$45,213$171,453
Jayne BrunettoFinancial Systems AnalystFT$137,688$27,377$165,065
Isaac HarpLinemanFT$115,067$42,367$157,434
Cody KindleLinemanFT$130,210$23,175$153,385
Anthony FlemingChairman-$13,650-$13,650
Rick ParkerDirector-$13,650-$13,650
Steve E MinerDirector-$13,650-$13,650
Terry BouseDirector-$13,650-$13,650
John HandSecretary/treasurer-$12,935-$12,935
Daniel TuckerVice-chairman-$12,600-$12,600
Pam MessmoreDirector-$12,600-$12,600
Loretta SchaferDirector-$9,800-$9,800
Todd SmithDirector-$8,400-$8,400
William Stump JrDirector-$5,690-$5,690
Kim BuhrtDirector-$1,050-$1,050

Highest Paid Contractors

ContractorServicesLocationCompensation
Ervin Cable Construction LLCFiber Construction450 PRYOR BLVD, Sturgis, KY 42459$8,726,661
Linetec Services LLCLine Rebuild19820 NORTH 7TH AVE STE 120, Phoenix, AZ 85027$3,315,576
ConexonFiber Construction Management, Design, A2001 GRAND BLVD STE 700, Kansas City, MO 64108$2,554,779
Vonalas INCInternet Fiber Drop Installs1906 SAPPHIRE PINES LN, Richmond, TX 77406$1,608,821
Ritchie InstallationInternet Home Installs2802 CONGRESSIONAL PKWY STE 8, Fort Wayne, IN 46818$1,420,234
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$50,325,805
Investment Income
$240,288
Other Revenue
$893,132
Change in Net Assets
$1,716,888
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$48,495,304
Salaries, Compensation, and Employee Benefits$1,247,033
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$3,212,844--$3,212,844
Interest$1,549,221--$1,549,221
Other Expenses$1,192,460--$1,192,460
Office Expenses$893,182--$893,182
Current Officers, Directors, Trustees, and Key Employees$875,402--$875,402
All Other Expenses$766,750--$766,750
Other Salaries and Wages$371,631--$371,631
Fees for Services Accounting$18,415--$18,415
Fees for Services Legal$17,122--$17,122
Total Functional Expenses$49,742,337$0$0$49,742,337
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$2,000

Section 527 Organizations

OrganizationLocationAmount
35-1998087Indianapolis, IN$2,000
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Anthony FlemingSee BelowSee BelowNo$37,316,071
Pam MessmoreSee BelowSee BelowNo$358,163
Steve MinerSee BelowSee BelowNo$287,930
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Green Power Funds Collected$4,860
Power Moves Rebates- Steet Light$4,556
Cafeteria/insurance$3,295
Written Off Checks$834
Operation Round-up Funds$-1
Cafeteria/dependent/medical$-5
Cafeteria/dependent/medical$-188
Seasonal Prepayments$-307
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Director william stump, jr. And director steve miner are brothers-in-law directors rick parker and terry bouse have children who are married.”

Form 990, Part VI, Section A, Line 6

“The organization has members. Membership is contingent upon electric service. Electric service is provided to members of the cooperative.”

Form 990, Part VI, Section A, Line 7A

“Members elect the board of directors.”

Form 990, Part VI, Section B, Line 11B

“The organization provides a complete copy to each member of the board of directors at the board meeting for review.”

Form 990, Part VI, Section B, Line 12C

“The conflict of interest policy is reviewed on an ongoing basis during the board meetings.”

Form 990, Part VI, Section B, Line 15

“The cooperative uses the nreca salary survey to determine the salaries for the employees and the officers of the cooperative. This salary survey is reviewed by the entire board of directors which then approves the compensation for the officers. The directors' compensation is based on the indiana statewide director compensation survey.”

Form 990, Part VI, Section C, Line 18

“The cooperative makes its forms available at the headquarters.”

Form 990, Part VI, Section C, Line 19

“The organization makes all governing documents, policies, and financial statements available at the organization's office upon request of members.”

Filing and Contact Details

Filer

Filer Name
Kosciusko Remc
EIN
35-0449575
Phone
5742676331
Address
370 SOUTH 250 EAST, WARSAW, IN 46582

Signing Officer

Name
Kurt Carver
Title
President & CEO
Phone
5742676331
Signed
2023-11-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kurt Carver
Formed
1935
Legal Domicile
In
Voting Board Members
9
Independent Board Members
9
Employees
47
Volunteers
0

Preparer

Firm
Lwg Cpas & Advisors
Address
1776 N MERIDIAN ST STE 500, INDIANAPOLIS, IN 46202
Preparer
Brian D Cherry
Phone
3176344747
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The remc follows "accounting for uncertainty in income taxes." the adoption of this accounting principal does not have a material effect on its financial position, results of operations or cash flows as the remc does not believe they are taking any uncertain tax positions.”

Raw XML AppendixShowing 400 of 711 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE-CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt12CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt13VP OF ENGINEERING & OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP OF TECHNOLOGY & BROADBAND
IRS990/Form990PartVIISectionAGrp/TitleTxt15FINANCIAL SYSTEMS ANALYST
IRS990/Form990PartVIISectionAGrp/TitleTxt16LINEMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt17LINEMAN
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IRS990/FSAuditedInd00
IRS990/FundraisingActivitiesInd00
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IRS990/GamingActivitiesInd00
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IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd00
IRS990/GrantToRelatedPersonInd00
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IRS990/GrossReceiptsAmt051459225
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
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IRS990/IndivRcvdGreaterThan100KCnt017
IRS990/IndoorTanningServicesInd00
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InterestGrp/ProgramServicesAmt01549221
IRS990/InterestGrp/TotalAmt01549221
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IRS990/InventoriesForSaleOrUseGrp/EOYAmt0576689
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0203788
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt015449823
IRS990/IRPDocumentCnt011
IRS990/IRPDocumentW2GCnt00
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IRS990/LandBldgEquipCostOrOtherBssAmt0132876077
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IRS990/LoanOutstandingInd00
IRS990/LocalChaptersInd00
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IRS990/MembersOrStockholdersInd01
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0TO PROVIDE ELECTRICITY
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt028042241
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt054513843
IRS990/NetAssetsOrFundBalancesBOYAmt068827330
IRS990/NetAssetsOrFundBalancesEOYAmt070580577
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt036500
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt036500
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OfficeExpensesGrp/ProgramServicesAmt0893182
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
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IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt036359
IRS990/OtherExpensesGrp/Desc0PURCHASED POWER
IRS990/OtherExpensesGrp/Desc1ADMINISTRATIVE EXPENSES
IRS990/OtherExpensesGrp/Desc2MAINTENANCE
IRS990/OtherExpensesGrp/Desc3OPERATING EXPENSES
IRS990/OtherExpensesGrp/ProgramServicesAmt037265357
IRS990/OtherExpensesGrp/ProgramServicesAmt12362167
IRS990/OtherExpensesGrp/ProgramServicesAmt21217786
IRS990/OtherExpensesGrp/ProgramServicesAmt31192460
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IRS990/OtherExpensesGrp/TotalAmt12362167
IRS990/OtherExpensesGrp/TotalAmt21217786
IRS990/OtherExpensesGrp/TotalAmt31192460
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IRS990/OtherLiabilitiesGrp/EOYAmt013044
IRS990/OtherRevenueMiscGrp/BusinessCd0900001
IRS990/OtherRevenueMiscGrp/Desc0PATRONAGE REVENUE
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0893132
IRS990/OtherRevenueTotalAmt0893132
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0371631
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IRS990/PartialLiquidationInd00
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IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0443524
IRS990/PoliticalCampaignActyInd01
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0332287
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0226137
IRS990/PrincipalOfficerNm0KURT CARVER
IRS990/ProfessionalFundraisingInd00
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IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM SERVICE REVENUE
IRS990/ProgramServiceRevenueGrp/Desc1POLE RENTAL
IRS990/ProgramServiceRevenueGrp/Desc2EQUITY IN EARNINGS OF SUBSIDIARY
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IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0INDIANA FRIENDS OF RURAL ELECTRIFICATION IS A STATE REGULATED POLITICAL COMMITTEE THAT SUPPORTS RURAL ELECTRIC COOPERATIVES IN INDIANA
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I-C, LINE 1
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IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt030939545
IRS990ScheduleD/EquipmentGrp/BookValueAmt081669850
IRS990ScheduleD/EquipmentGrp/DepreciationAmt019787168
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0101457018
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0479514
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0479514
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1-307
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2834
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3-188
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4-5
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt6-1
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0POWER MOVES REBATES- STEET LIGHT
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1SEASONAL PREPAYMENTS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2WRITTEN OFF CHECKS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3CAFETERIA/DEPENDENT/MEDICAL

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$131,199,906
Liabilities
$60,619,329
Net assets
$70,580,577
Revenue
$51,459,225
Expenses
$49,742,337
Net income
$1,716,888
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$147$70.4$77.0$58.7$54.3$4.37
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$143$69.9$72.6$55.0$53.0$2.07
2022Detailed filing. Detailed filing data is available for this year.$131$60.6$70.6$51.5$49.7$1.72
2021Detailed filing. Detailed filing data is available for this year.$103$34.4$68.8$50.3$46.5$3.80
2020Detailed filing. Detailed filing data is available for this year.$86.1$21.1$65.0$49.6$45.4$4.14